Spire and Mastercard partner to enhance digital banking solutions

By Leandra Monteiro

Spire, a GCC Open Banking services provider, has announced a strategic partnership with Mastercard, a technology leader in the global payments industry. The collaboration will help banks revolutionize consumer engagement and enhance user experiences in the region by integrating Spire “Ingage” and Mastercard’s Merchant Identifier solution.

Spire “Ingage” is an AI-driven financial wellbeing platform for retail banking customers, which provides smart budgeting, smart savings, smart lending, proactive bill management, and real-time financial reminders to help simplify consumer finances and financial decision-making.

Mastercard’s Merchant Identifier solution will be integrated to provide real-time merchant data into different categories, formatted to be relevant and recognizable to banks as well as their customers. This allows customers to have a simple and holistic view of their banking transactional activities. Banks will benefit from reduced inquiries as these insights provide simple and recognizable transactional insights to their consumers.

Aamir Janjua, Group CPO of Aion and Spire stated, “Our promise is to enable a connected, simplified, and convenient financial lifestyle and experience for the 65 million GCC consumers. ‘Ingage’ helps banks to offer personalized financial services and insights to their customers to better manage their financial lives. We are excited to partner with Mastercard to provide simple, transparent and meaningful transactional insights to banks and their customers.”

J.K. Khalil, Country General Manager, MENA East, Mastercard said, “We are delighted to announce our partnership with Spire as part of our efforts to simplify the digital journey for consumers. Through this partnership, cardholders can now easily understand their payments history, therefore eliminating the need to clarify statements, and allowing for better financial management. We see this innovation as a key milestone in our ongoing efforts to provide seamless and simple payment experiences for all as we embrace the limitless possibilities presented by Open Banking.”

The partnership is a step towards providing a real-time personalised customer experience with content that promotes proactive financial management to consumers, ultimately leading to enhanced customer acquisition, retention, and recommendations.